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Dec 24, 2012
12/12
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we're also expecting that president obama will likely return to washington, d.c. at this point it seems more a matter of when and not really matter of if. and then right now the plan that the white house is trying to push forward is to deal with the tax hikes for those earning $250,000 or less. it appears those spending cuts that are the other part of the fiscal cliff will likely set in. and then what happens there will maybe be something that democrats and republicans try to deal with in the coming weeks, in the coming months. that means even come say the end of the year here or if we go over the cliff and there's some quick resolution, it's not for everything and we'll be dealing with a lot of these problems for some time, carol. >> what's the president doing in hawaii? >> reporter: the president has been getting in some r and r. he arrived saturday morning. he played golf with some of his buddies. he wept outer with his wife. yesterday he attended the ceremony for senator daniel inn way. and then he went for a hike in the afternoon with his daughters. this may
we're also expecting that president obama will likely return to washington, d.c. at this point it seems more a matter of when and not really matter of if. and then right now the plan that the white house is trying to push forward is to deal with the tax hikes for those earning $250,000 or less. it appears those spending cuts that are the other part of the fiscal cliff will likely set in. and then what happens there will maybe be something that democrats and republicans try to deal with in the...
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Dec 29, 2012
12/12
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so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended, by 2020, the bush era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy, but stay in place permanently for those earning less than $250,000 a year. >> we need to stop the job-killing tax hikes, and we need to start cutting spending now. >> reporter: republicans refuse to play ball. they say no higher rates on the rich, no tax hikes on anyone. based on an ideology that calls for government to be as small as possible. its roots are as old as american politics but today the philosophy's main spokesman is this man, grover norquist, president of americans for tax reform. norquist's pledge, signed by almost all republicans in congress, forbids signatories for raising taxes ever, under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the na
so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended, by 2020, the bush era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy, but stay in place permanently for those earning less than $250,000 a year. >> we need to stop the job-killing tax hikes, and we need to start cutting...
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Dec 27, 2012
12/12
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we are now receiving word that the president, president obama will not send legislation to congress today that might avert the so-called fiscal cliff. the president pulled the plug on his holiday trip to hawaii and arrived in washington shortly after 11:00 in hopes of prodding congress to lock in taxes for all but the wealthiest 2%. so a republican source told us he would be sending legislation to capitol hill, but the white house is telling us no, that is not the case. you have the president there at the white house. you have the senate in session and they are scattered throughout the country and taxes are going up on january 1st. let's listen to harry reid. he is not happy about the house and being away. he is the top senate democrat. >> we are here in washington working. we have the house of representatives out watching movies and watching their kids play soccer and basketball and doing all kinds of things. they should be here. >> here's a reality. reid said it's beginning to look to him as though we will plunge over the cliff come tuesday. they are keeping an eye on washington to see
we are now receiving word that the president, president obama will not send legislation to congress today that might avert the so-called fiscal cliff. the president pulled the plug on his holiday trip to hawaii and arrived in washington shortly after 11:00 in hopes of prodding congress to lock in taxes for all but the wealthiest 2%. so a republican source told us he would be sending legislation to capitol hill, but the white house is telling us no, that is not the case. you have the president...
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Jan 1, 2013
01/13
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he said from the beginning if obama wants it, why are we going to do it? at the end of the day congress can sit around but these directly affect us. as students, think about the division tax breaks, things will go away and affect my family. within i look at congress, i see it's shifted to one side. i don't know. i feel like they need to step up and make a compromise. with obama it's like a mandate, with the taxing the wealthiest americans, if he's elected which by a landslide, maybe they need to catch up and form and modernize the party. >> reporter: how much does the political posturing, how is that to watch this churn day after day for the past several days? >> it's rough. i was watching yesterday when the president spoke, hoping maybe they had come to some point. hearing him say we're close but not there yet, it's like these are things that directly affect americans and if this is your job, this in is why we elect you, it's waiting each day, it's kind of like -- it's cliff, though cliff is a misleading term it is a good term. it's like jumping over, wai
he said from the beginning if obama wants it, why are we going to do it? at the end of the day congress can sit around but these directly affect us. as students, think about the division tax breaks, things will go away and affect my family. within i look at congress, i see it's shifted to one side. i don't know. i feel like they need to step up and make a compromise. with obama it's like a mandate, with the taxing the wealthiest americans, if he's elected which by a landslide, maybe they need...
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Dec 28, 2012
12/12
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one man in texas is not waiting for congress to act. he is doing his part to fix the country's finances and send a message as well. kyung lah has the story. >> reporter: in his unheated garage, 85-year-old garcia is working to fix the fiscal cliff. one can at a time. how much money have you sent the government? >> a little bit over $3,000. >> reporter: $3,197.88, to be exact. all tracked on a handwritten ledger. over the last three years, garcia has been paying the government $50 a month of his postal service pension and money from cans he collects. >> we're paying absolutely too much interest, too much interest. >> reporter: it really bothers you. >> it bothers me because it makes no sense. >> reporter: sense is something garcia's wife of 59 years thinks her husband could use. do you think he's crazy? [ speaking spanish ] >> uh-huh. >> reporter: call him crazy, but there's an entire federal office of bureau of public debt that collects money like garcia's. this office in west virginia was set up by president kennedy so citizens could p
one man in texas is not waiting for congress to act. he is doing his part to fix the country's finances and send a message as well. kyung lah has the story. >> reporter: in his unheated garage, 85-year-old garcia is working to fix the fiscal cliff. one can at a time. how much money have you sent the government? >> a little bit over $3,000. >> reporter: $3,197.88, to be exact. all tracked on a handwritten ledger. over the last three years, garcia has been paying the government...